UPDATE: D.A. Davidson & Co. Reiterates Buy Rating, Raises PT on Woodward on Higher Estimates

In a report published Monday, D.A. Davidson & Co. analyst JB Groh reiterated a Buy rating on

, and raised the price target from $50.00 to $60.00. In the report, D.A. Davidson & Co. noted, “Woodward recently raised FY14 EPS guidance to $2.35-$2.45, a sizeable increase from its prior estimate of $2.10-$2.30. Management cited increased visibility through the first two months of the current quarter and updated firm orders for the remainder of the fiscal year as the main drivers of the estimates increase. Management appears confident in end-market growth and the company is currently experiencing considerable momentum in order rates. Further, management stated it expects the increased sales growth and earnings leverage to provide a positive impact on FY15 earnings.” Woodward closed on Friday at $49.22.